There is a lot of property for sale right now, but which listing suits you best? OneRoof’s new weekly Home Hunt series brings you the best in New Zealand real estate, from affordable starter homes to luxury mansions. We’ll highlight a range of homes from around the country that are worth your attention.
There’s no sugar coating it - Auckland house prices are among the highest in the country and have sent a shiver of fear down the spines of many first-home buyers. However, owning a home or an investment property in Tamaki Makaurau might not be as hard as you think.
To purchase a property under $500,000 in New Zealand’s most notoriously expensive market – under half the median house price for context – compromises are almost always involved whether it’s leasehold land, apartment living, or putting a plan in place for remedial work down the track.
A quick explainer on leasehold properties – this means you own the building but not the land it sits on. So you’re basically long-term renting the land from the actual landowner for a set period under a lease agreement, paying them ground rent as you go.
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While they’re much harder to come by than those further south or north, we’ve rounded up five cool Auckland properties for under $500,000 that will appeal to first-home buyers or savvy investors.
503/88 The Strand, Parnell, Auckland | Asking price $329,000
The Mirage apartment complex gives Melrose Place vibes with its tropical resort-style amenities and chic design. Think indoor and outdoor pools, two spas, a sauna, a gym and a tennis court in a trendy Parnell location.
This north-facing, one-bedroom leasehold apartment enjoys use of all these, and has a walk-in robe, modern kitchen, secure basement carpark and storage locker.
A one-bedroom apartment in The Mirage, in Auckland’s Parnell, is on the market for $329,000. Photo / Supplied
Agent Sherry Shao, from Barfoot & Thompson, says the lifestyle here is dreamy thanks to the well-connected location and onsite amenities.
“Even though you pay body corporate fees, you don’t have to pay for a gym membership because you have one at home, same with people who might sign up to swim at the pools for a year. You don’t need to pay for that,” she says.
“You’re also close to the train station and close to Mission Bay beach, without Mission Bay prices.”
>> Click here to find out more
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1 Elizabeth Street, Pakuranga, Auckland | Asking price $499,000
Ian Smith, from One Agency, says this is great buying for a brand new apartment. “It has to be one of the cheapest in Auckland.”
The 50sqm, one-bedroom apartment at the soon-to-be-built Elizabeth Views can be bought off the plans and is strata-titled in freehold. It comes with a north-facing living area, a carpark, a 10-year built guarantee and 12 months of maintenance included. Completion is expected in July 2026.
One-bedroom apartments at Elizabeth Views can be picked up for $499,000. Photo / Supplied
The neighbourhood is also a winner, he says.
“Pakuranga Heights is a great location, nice and quiet but close to the new flyover and motorway, as well as the mall, which is going to be totally rebuilt,” Smith says. “It’s also walking distance to the new bus depot, so it is great for kids going to university in the city.”
>> Click here to find out more
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2/55 Mahuhu Crescent, Auckland Central, Auckland | Asking price $375,000
With a look and feel that’s more New York than Auckland Central, this cool, two-level townhouse overlooks Mahuhu ki te Pangi park and is just one street back from the harbour.
It’s leasehold, but the ground rent has now been settled until 2032 – which means peace of mind for a savvy buyer (and the banks).
Part of the Brownstone complex, it’s an easy amble from Commercial Bay, Britomart, the Viaduct and Parnell, plus Spark Arena for the music lovers. It comes with a patio, a study and two carparks – although you probably won’t need a car.
Next to Spark Arena for $375,000 is a three-bedroom townhouse at 2/55 Mahuhu Crescent, in Auckland. Photo / Supplied
Scott Dunn, from City Sales, says the numbers here make it a no-brainer for buyers. “This townhouse is quite genuinely the best opportunity to buy what the Auckland Council values at $1m, at a fraction of the price purely because it’s leasehold,” he says.
“This is one of the most exciting and convenient locations in the greater Auckland area, and the vendors are serious and have asked us to present ALL offers.”
>> Click here to find out more
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105/287 Onehunga Mall, Onehunga, Auckland | Asking price $459,000
One of the few freehold opportunities available at this price point in Auckland, this Onehunga apartment presents great value in a well-loved complex – Atrium on Main.
Barfoot & Thompson agent Elvira Abdrazakova can vouch for it, as she owns a three-bedroom place there herself. “I know the complex really, really well, it’s predominantly owner-occupied, very well run and a nice little community.”
Under $500,000 in Auckland’s Onehunga is 105/287 Onehunga Mall. Photo / Supplied
This 52sqm, one-bedroom apartment has been freshly painted and has a private patio, plus comes with two carparks and a storage locker.
Security is paramount, with swipe-card access, security cameras, and an on-site building manager, plus there’s a pool for summer dips.
>> Click here to find out more
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17 Howard Hunter Avenue, St Johns, Auckland | Asking Price $155,000
It’s out to St Johns for this tidy, 90sqm three-bedroom home, which was built in the 1960s. The sellers have spruced it up, but there is plenty of scope to add further value.
The leasehold property is a very generous 609sqm of fully fenced land, with the back lawn a great spot for kids and pets to play. This makes it an enticing opportunity for young families wanting to get on the property ladder or investors seeking a good rental.
A leasehold home at 17 Howard Hunter Avenue, in St Johns, can be picked up for less than $200,000. Photo / Supplied
In their listing on OneRoof, Ray White agents Suzie Cox and Margaret Simpson write: “The benefits of buying a leasehold property mean you can enjoy living in this much sought-after St Johns location without the cost of a large mortgage. The perpetual lease means that the lease is renewed every 21 years and the ground rent is currently $18,580 pa, fixed until February 2030.”
>> Click here to find out more
